Idaho semi-weekly world. [volume] (Idaho City, Idaho Territory) 1875-1908, 1887-12-09


continued to accumulate, the excess fol
the present year amounting on the Is
day of December to $50 ,259, S7l.19, and
is estimated to reach the sum Of $l13,
which date it is expected that this sum
added to prior Accommodations, will swell
the surplus in the treasury to $40, 000,-
900.
NO REMEDY AT HAND.
| There seems to be no assurance that,
| with such a withdrawal from use OF the
peoples circulating medium, our bust
ness community may not in the near
future be subject to the same distress
which was quite lately produced from the
same cause, and while the functions OF
our national treasury should be few and
simple, and while its best condition
would be reached, believe, by its entire
disconnection with private business in
terests, yet when, by preversion Of its
purposes, it idly holds money uselessly
subtracted from the channels OF trade,
there seems to be reason for the claims
that legitimate means should be devised
by the government to restore in an
emergency, without waste or extrava-
gance, such money to its place among
the people. If such an emergency
arises, there now exists no clear and
undoubted executive power Of relief
Heretofore the redemption OF the 3 per
cents. only which were payable at the
option OF the government has afforded a
means for the disbursement of the ex-
cess OF our revenues, but these bonds
have all been retired, and there are no
bonds outstanding, the payment of which
we have the right to insist upon. The
contribution to the sinking fund, which
furnishes the occasion for expenditures
in the purchase of bonds, has been al
ready made for the current year, 80 that
there is no outlet in that direction.
VARIOUS REMEDIES DIsApRovED.
The only pretense of any existing ex-
ecutive power to restore at this time any
part of our surplus revenues to the peo-
pie by its expenditure, consists in the
supposition that the secretary of the
treasury may enter the market and pur-
chase the bonds of the government not
yet due, at rate of premium to be
agreed upon. The only provision OF law
from which such power could be derived,
is found in an appropriation bill passed
a number OF years ago, and it is subject
to the supposition that it was intended
AZ temporary and limited in its applica-
ton, instead OF comforting a continuing
discretion and authority. No condition
ought to exist which would justify the
grant OF power to single official, upon
his judgment Of its necessity, to with
hold from or release to the business Of
the people, in an unusual way, money
held in the treasury, and thus affect, at
his will, the financial situation of the
country; and ii it is deemed wise to
lodge in the secretary of the treasury the
authority in the present juncture to pur-
chase bonds, it should be plainly vested
and provided, so far as possible, with
such checks and limitations as will de-
fine his official right and discretion and
at the same time relieve him from undue
responsibility. In considering the ques.
ton of purchasing bonds as means OF
restoring to circulation the surplus
money accommodating in the treasury, it
should he borne in mind that premiums
must, OF course, be paid upon such pur-
chase; that there may be large part OF
these bonds held as investments which
cannot be purchased at any price, and
that combinations among holders who
are willing to sell may unreasonably en-
nance the cost of such bonds to the gov
erment.
|, 1t has been suggested that the present
bonded debt might be refunded at less
rate of interest and the difference be-
tween the old and new securities paid in
cash, thus finding use for the surplus in
the treasury. The success OF this plan
XII is apparent, must be founded upon the
yolition OF the holders of the present
bonds, and it is not entirely certain that
the inducement which must be oflereC
them would result in more financial
benefit to the government than the pur
chase OF the bonds, while the latter
proposition would reduce the principal o
the debt ty actual payment, instead ol
extendingit
The proposition to deposit the money
held by the government in bank,
throughout the country, for use by tn,
people, is, it seems to me, exceedingl,